Business
Standard Bank Granted Access to China’s Cross-Border Payment System, Becoming First African Bank to Achieve Feat
Standard Bank has become the first African financial institution authorized to process transactions through China’s Cross-Border Interbank Payment System (CIPS).
This marks a major shift in Africa–China trade integration and signaling Africa’s growing influence in global financial networks.
The milestone was confirmed at this year’s Lujiazui Forum in Shanghai, where Standard Bank Corporate and Investment Banking was granted its license to offer CIPS transactions. The forum, known for convening top government officials, financial leaders, and scholars, focuses on strengthening international financial cooperation and accelerating China’s market reforms.
A New Era for Africa–China Transactions
Through CIPS, interbank payments between Africa and China can now move directly in Chinese renminbi (RMB), eliminating the need to channel payments through multiple correspondent banks or convert through intermediary currencies such as the U.S. dollar.
For African businesses deeply integrated in Chinese supply chains, this is more than a technical upgrade — it’s a simplification that could cut costs, reduce delays, and ease one of the continent’s enduring barriers to fast-moving trade.
“As an institution that is invested in driving Africa’s economic growth, we are excited to be the first bank on the continent that offers CIPS transactions,” said Anne Aliker, Group Head of Client Coverage at Standard Bank Corporate and Investment Banking. “This demonstrates our commitment and ability to deliver innovative solutions that truly add value for our clients.”
Why This Matters: Trade With China Is Surging
Standard Bank’s Trade Barometer 2024 shows 34% of African businesses surveyed now source imports from China — up from 23% in May 2023. That jump reflects a broad trend: China remains Africa’s largest export market and one of its most critical partners for infrastructure, technology, and consumer goods.
Against this backdrop, the ability to clear renminbi payments directly is poised to transform operational efficiency.
“We believe that CIPS will contribute to unlocking Africa’s economic potential by fast-tracking trade, supporting infrastructure development, increasing regional integration and enabling more efficient deployment of capital,” Aliker added.
A Boost for African Competitiveness
Analysts say the move positions African companies to trade on terms that better match the speed and scale of global supply chains. It also aligns with Beijing’s broader push for RMB internationalisation — a strategy that, for Africa, could translate into smoother financing for cross-border projects and reduced currency volatility.
With CIPS access, African exporters shipping minerals, agricultural products, and manufactured goods to China may find it easier to reconcile payments and track settlement timelines. Importers stand to benefit from lower friction and more predictable transaction flows.
Standard Bank says CIPS transactions will go live on its platforms from September 2025.
“We will continue to seamlessly meet our clients’ needs by providing flexibility in solutions aligned to the developing payments landscape,” Aliker said.
Business
Uber Sued by California Drivers Over How It Treats Them
A California ride-share driver advocacy group filed a complaint Monday, April 20, 2026, in state court against Uber Technologies, Inc., alleging the company violated Proposition 22 and should be barred from classifying its drivers as independent contractors.
Rideshare Drivers United (RDU), a California nonprofit representing more than 20,000 app-based drivers in the state, claimed Uber breached the Protect App-Based Drivers and Services Act, as amended by 2020’s Proposition 22.
Allegations in the Complaint
The complaint alleges that Uber:
- Terminates drivers on grounds not specified in their contracts
- Fails to provide a meaningful appeals process for deactivated drivers
- Prohibits drivers from declining rides based on customer location or the presence of a service animal
- Withholds sufficient earnings information for drivers to verify they are receiving required compensation
Legal Argument and Requested Relief
RDU, represented by attorney Shannon Liss-Riordan of Lichten & Liss-Riordan, P.C., argues that because Uber has not complied with Proposition 22, the company cannot invoke its independent contractor protections.
The suit seeks a court declaration that Uber is disqualified from asserting its drivers are independent contractors. Such a ruling would expose Uber to misclassification claims under the California Labor Code.
Background on Proposition 22
Proposition 22 passed in November 2020 after a coalition of gig companies spent more than $220 million on the campaign. Uber alone spent more than $50 million supporting the measure.
The measure exempted app-based transportation and delivery companies from Assembly Bill 5, which had codified the state’s ABC test for employee classification.
The California Supreme Court upheld Proposition 22’s constitutionality in Castellanos v. State of California in July 2024.
Case Status
The case has no trial date. Uber has not publicly responded to the complaint.
Business
Ivory Coast Cocoa Farmers Hope for Increased Rainfall to Boost Mid-Crop Harvest
Abidjan, Ivory Coast – Cocoa farmers across Ivory Coast, the world’s largest producer of the commodity, are calling for more consistent rainfall to improve the quality and size of beans in the ongoing mid-crop season running from March to August.
Although the West African nation is currently in its official rainy season (April to mid-November), rainfall was below average in most cocoa-growing regions last week.
Farmers say the drier conditions are not yet threatening the overall health of trees, which carry a good mix of small, medium, and large pods, but additional moisture is urgently needed to support bean development for the peak harvesting period between May and July.
In the west-central region of Daloa and central areas such as Bongouanou and Yamoussoukro, where rainfall was significantly below the five-year average, farmers noted that the current heat is helping already-harvested beans dry well. However, they stressed that young and developing pods require steady rain.
“It’s very hot. The beans are well dried, but the trees need enough rain for the rest of the mid-crop season,” said Albert N’Zue, a farmer near Daloa, where only 9.7 mm of rain fell last week — 11.9 mm below average.
In contrast, the western region of Soubre and eastern region of Abengourou received above-average rainfall last week. Farmers in these areas, along with those in southern districts like Agboville and Divo (where rains were below average), stressed the need for abundant and regular precipitation.
“We need plenty of steady rain to grow large, high-quality beans,” said Kouassi Kouame, a farmer near Soubre, which recorded 28.6 mm of rain (6.2 mm above average).
Weekly average temperatures across the country ranged between 29°C and 33.2°C (84°F to 92°F). Farmers remain generally optimistic, noting that harvesting has started to pick up and that cloudy skies suggest more rain could arrive in the coming weeks.
Cocoa production in Ivory Coast is highly sensitive to weather patterns, and the mid-crop (also known as the “light crop”) typically accounts for 20–30% of the country’s annual output.
Stronger rainfall in the coming weeks will be critical for determining the final size and quality of this season’s beans, with potential implications for global cocoa supply and prices.
Business
Nigeria Bans Imports of Poultry, Cement and Many Other Goods from Outside ECOWAS
Abuja, Nigeria – The Nigerian government has introduced a sweeping import ban on 17 categories of goods from countries outside the Economic Community of West African States (ECOWAS), in a major policy shift designed to protect local industries and promote regional trade.
The prohibition, signed by Finance Minister Wale Edun and effective from April 1, 2026, forms part of Nigeria’s revised 2026 Fiscal Policy Measures and Tariff Amendments.
It specifically targets goods originating from non-ECOWAS nations while allowing freer trade within the West African bloc. A 90-day grace period has been granted to importers who had already opened Form ‘M’ and entered into irrevocable trade agreements before the effective date.
Affected Products
The revised import prohibition list includes the following key items:
Live or dead birds, including frozen poultry
Pork/beef and related meat products
Bird eggs (except hatching eggs for breeding/research)
Refined vegetable oil (with limited exceptions)
Cane or beet sugar and flavoured sucrose
Cocoa butter, powder and cakes
Tomatoes, tomato paste and concentrates
Sugary and flavoured non-alcoholic beverages
Bagged cement
Medicaments (pharmaceutical products) and waste pharmaceuticals
NPK fertilisers
Soaps and detergents
Corrugated paper, cartons and boxes
Certain hollow glass bottles
Flat-rolled iron or steel products (corrugated)
Ballpoint pens and refills
In addition, the government introduced a 2% “green tax” surcharge on motor vehicles with engine capacities between 2,000cc and 3,999cc, and those above 4,000cc.
Strategic Objectives
The measures are intended to boost domestic production, reduce reliance on foreign imports, conserve foreign exchange, and strengthen intra-African trade under the ECOWAS framework and the African Continental Free Trade Area (AfCFTA). By restricting imports from outside the region, Nigeria aims to create a larger market for locally manufactured goods and encourage investment in agriculture, manufacturing, and pharmaceuticals.
The policy comes shortly after the government announced tariff reductions on certain items such as cars, palm oil, and sugar, signalling a calibrated approach to trade liberalisation within the region while protecting strategic sectors.
This latest fiscal intervention underscores Nigeria’s determination to reindustrialise its economy and reduce its historically high dependence on imported consumer goods.
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